© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - Banking Industry Should Learn from Telecoms Sector in Approach to Product Sales
Posted 12th December 2016

Banking Industry Should Learn from Telecoms Sector in Approach to Product Sales

Specialist management consultancy Baringa Partners responds to the news that HSBC has closed 200 branches this year.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Banking Industry Should Learn from Telecoms Sector in Approach to Product Sales
Image

Specialist management consultancy Baringa Partners responds to the news that HSBC has closed 200 branches this year.

Emily Farrimond, Director, Baringa Partners says: “The news that HSBC – who historically placed a strong emphasis on its local branch presence – has closed over 200 branches this year is just the latest in a series of branch closures across the industry as banks react to changes in customer behaviour and the need to reduce operating costs. However, ongoing closures is not sustainable and a new approach to product sales is needed. The banking industry should learn from the telecoms sector and create ‘The BankStore’, the Carphone Warehouse of banking.

“The BankStore would allow customers to compare the prices of retail banking products from a range of providers under one roof. Sales assistants would be able to provide independent advice on a range of products and customers would then be able to buy from any provider. If customers then want to purchase additional products from a different provider, they wouldn’t have to provide any further information as it would all be registered with The BankStore.

“As well as increasing competition in the banking industry, a key focus for the regulator, The BankStore would also support vulnerable customers who do not have access to digital channels or do not feel comfortable using them. The question is, will banks take the lead or will a new challenger step up to the plate?”

Categories: Finance


You Might Also Like
Read Full PostRead - Eye Icon
AI Global Media, Publishers of Acquisition International Magazine have Become CPD Members
Leadership
20/05/2016AI Global Media, Publishers of Acquisition International Magazine have Become CPD Members

In exciting news, AI Global Media Ltd. is delighted to announce they have become a member of the CPD Certification Service.

Read Full PostRead - Eye Icon
Money Grows: Increasing Your Capital
News
13/03/2023Money Grows: Increasing Your Capital

It can be reassuring to know that you are able to pay the bills and still have some cash left over at the end of the month. However, for many people, the last few days before payday can result in loans or credit cards being relied upon.

Read Full PostRead - Eye Icon
Securing Digital Identities Across the Globe
News
09/07/2024Securing Digital Identities Across the Globe

Resecurity specializes in providing its worldwide client base with exceptional Cyber Intelligence Services (CTI) that safeguard its businesses, employees, and customers.

Read Full PostRead - Eye Icon
Tackling Bad Data at Source is Key to Cost-Effective Data Engineering Projects
News
08/10/2024Tackling Bad Data at Source is Key to Cost-Effective Data Engineering Projects

Despite the obvious importance of quality assurance in ensuring data projects are accurate from conception to deployment, this is a process that many tech companies struggle to perfect.

Read Full PostRead - Eye Icon
Abbott Completes the Acquisition of St. Jude Medical
Finance
10/01/2017Abbott Completes the Acquisition of St. Jude Medical

Abbott announced today it has completed the acquisition of St. Jude Medical, Inc., establishing the company as a leader in the medical device arena.

Read Full PostRead - Eye Icon
Thornton’s Takeover: Ferrero Buys Majority
Finance
23/06/2015Thornton’s Takeover: Ferrero Buys Majority

Ferrero International have successfully completed a takeover bid for the UK-based confectionery store chain.

Read Full PostRead - Eye Icon
(US) Small Businesses Employment Showed Modest Increase in March
Finance
31/03/2015(US) Small Businesses Employment Showed Modest Increase in March

Intuit Inc. today issued its monthly Small Business Employment and Revenue Indexes.

Read Full PostRead - Eye Icon
Lawrence Grant Chartered Accountants
Finance
03/06/2016Lawrence Grant Chartered Accountants

Lawrence Grant Chartered Accountants has been providing accountancy services and tax advice to 100’s of individuals, sole traders, corporate businesses and multi-national clients across Middlesex and the Greater London area since 1969.

Read Full PostRead - Eye Icon
New York’s Experts in Medical Litigation
Legal
07/05/2019New York’s Experts in Medical Litigation

Since its inception, the Law Firm of Joseph M. Lichtenstein has become the go-to firm for hundreds of New Yorkers who have suffered at the hands of medical negligence. Recently, the firm found were recognised by Acquisition Intl. as 2018’s Most Outstanding M



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow